I.M.A.: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
I.M.A.
Largest movements
- Tangible fixed assets -€386,719
down €386,719 (-15.4%), from €2.5m to €2.1m
of which Leasing and similar rights: -€386,719
- Receivables within one year +€108,085
up €108,085 (+46.2%), from €234,024 to €342,109
of which Trade receivables: +€116,303
- Profit (loss) carried forward +€170,496
up €170,496 (+17.0%), from -€1.0m to -€833,664
- Accrued charges and deferred income -€164,401
down €164,401 (-14.7%), from €1.1m to €953,688
- Current portion of long-term debt -€149,965
down €149,965 (-41.3%), from €362,800 to €212,834
- Debts after one year -€141,876
down €141,876 (-7.4%), from €1.9m to €1.8m
- Financial charges -€95,601
down €95,601 (-50.9%), from €187,756 to €92,155
- Financial income -€33,169
down €33,169 (-59.3%), from €55,935 to €22,766
- Gross operating margin +€10,884
up €10,884 (+1.6%), from €670,002 to €680,886
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,782,792 | €2,497,959 | -€284,834 | -10.2% |
| Fixed assets | 21/28 | €2,520,009 | €2,132,115 | -€387,894 | -15.4% |
| Tangible fixed assets | 22/27 | €2,518,834 | €2,132,115 | -€386,719 | -15.4% |
| Land and buildings | 22 | €3,965 | €3,965 | = | 0.0% |
| Leasing and similar rights | 25 | €2,341,192 | €1,954,473 | -€386,719 | -16.5% |
| Other tangible fixed assets | 26 | €173,676 | €173,676 | = | 0.0% |
| Financial fixed assets | 28 | €1,175 | €0 | -€1,175 | -100.0% |
| Current assets | 29/58 | €262,784 | €365,844 | +€103,060 | +39.2% |
| Amounts receivable within one year | 40/41 | €234,024 | €342,109 | +€108,085 | +46.2% |
| Trade receivables | 40 | €169,088 | €285,392 | +€116,303 | +68.8% |
| Other amounts receivable | 41 | €64,936 | €56,718 | -€8,218 | -12.7% |
| Cash at bank and in hand | 54/58 | €28,759 | €23,735 | -€5,025 | -17.5% |
| Deferred charges and accrued income | 490/1 | - | €0 | = | |
| Total equity and liabilities | 10/49 | €2,782,792 | €2,497,959 | -€284,834 | -10.2% |
| Equity | 10/15 | -€611,010 | -€440,514 | +€170,496 | +27.9% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €21,310 | €21,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,310 | €21,310 | = | 0.0% |
| Legal reserve | 130 | €21,310 | €21,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,004,160 | -€833,664 | +€170,496 | +17.0% |
| Amounts payable | 17/49 | €3,393,802 | €2,938,473 | -€455,329 | -13.4% |
| Amounts payable after more than one year | 17 | €1,905,221 | €1,763,345 | -€141,876 | -7.4% |
| Financial debts | 170/4 | €1,905,221 | €1,763,345 | -€141,876 | -7.4% |
| Amounts payable within one year | 42/48 | €370,492 | €221,440 | -€149,052 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €362,800 | €212,834 | -€149,965 | -41.3% |
| Trade debts | 44 | €7,692 | €8,605 | +€913 | +11.9% |
| Suppliers | 440/4 | €7,692 | €8,605 | +€913 | +11.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,118,090 | €953,688 | -€164,401 | -14.7% |
| Non-recurring operating income | 76A | €182,229 | €182,229 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €386,719 | €386,719 | = | 0.0% |
| Other operating charges | 640/8 | €52,658 | €54,282 | +€1,625 | +3.1% |
| Gross operating margin | 9900 | €670,002 | €680,886 | +€10,884 | +1.6% |
| Operating profit (loss) | 9901 | €230,625 | €239,885 | +€9,260 | +4.0% |
| Financial income | 75/76B | €55,935 | €22,766 | -€33,169 | -59.3% |
| Recurring financial income | 75 | €55,935 | €22,766 | -€33,169 | -59.3% |
| Financial charges | 65/66B | €187,756 | €92,155 | -€95,601 | -50.9% |
| Recurring financial charges | 65 | €187,756 | €92,155 | -€95,601 | -50.9% |
| Profit (loss) for the period before taxes | 9903 | €98,804 | €170,496 | +€71,691 | +72.6% |
| Profit (loss) for the period | 9904 | €98,804 | €170,496 | +€71,691 | +72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €98,804 | €170,496 | +€71,691 | +72.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.